Write the features of Liberalization, Privatization and Globalization

Features of Liberalisation :
(i) Freedom of opening/starting production units.
(ii) Use of new machines and technology.
(iii) No government interference in production.
(iv) Free flow of foreign investment.
Features of Privatization:
(i) Reduction in extra burden on government.
(ii) Control over poor performance of public sec-tor.
(iii) Check on high-handedness of bureaucracy.
(iv) Disinvestment (sale of shares in PSUs to
Features of Globalization:
(i) It results in integration of world economies that
helps in raising world production.
(ii) It helps in removing inefficiency from industrial
(iii) It helps in improving allocative efficiency of
(iv) It encourages global competition which reduces
costs and improves quality.